Endeavor Group Holdings Inc. made a significant statement on Monday, announcing that it will purchase the entertainment company World Wrestling Entertainment (WWE) Inc. in a deal worth $9.3 billion, including debt.
The companies stated in a statement on Monday that the merged company will be worth more than $21 billion. Existing WWE owners will own a 49% part in the new business, with Endeavor owning a 51% controlling position.
Ariel Emanuel, CEO of Endeavor, will be in charge of the business. Emanuel will continue to lead Endeavour as its CEO. Dana White will continue to lead the UFC as president, and Nick Khan will lead the WWE.
As of January, Vince McMahon, WWE's main shareholder and newly-reinstated CEO, was seeking up to $9 billion in a sale, according to people familiar with his plans.
WWE Falls After Endeavor accepts to purchase Empire for $9.3 Billion.
After entertainment behemoth Endeavor Group Holdings Inc. agreed to purchase World Wrestling Entertainment Inc. for $9.3 billion, including debt, the stock of the firm fell the highest in over two years. (Bloomberg)
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